Get ready.

Shares of L Brands (LB) - Get Report  , segments of which include Victoria's Secret and Bath & Body Works, have been under considerable pressure for the 18 months, losing over 50% of their value in that time. More recently though there have been signs that the stock is attempting to consolidate and potentially reverse the primary downtrend.

Immediately following the April low, which coincidentally was made in the area of the 50% Fibonacci retracement level of the 2009 low and the 2015 high, it began making a series of higher lows below resistance in the $53.00 area. This price action formed a rising triangle on the daily chart, and now it looks like pattern resistance will be broken and the stock should be headed considerably higher.

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The relative strength index has been holding above its center line, reflecting the recent positive price momentum, and the Chandre Trend Meter, which measures trend strength based on several different technical indicators covering six different time frames, is tracking higher and is in its upper range. Overall volume is still below the 50-day moving average of volume, but Chaikin money flow is well into positive territory, suggesting renewed buying interest in the stock.

An upper candle close above the $53.00 area is a long entry point using a trailing percentage stop-loss below the triangle support line, currently being reinforced by the rising 50-day moving average of price. The pattern price objective targets the $64.00 area which, if achieved, would be a 20% move higher.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.